final expense life insurance

Universal vs Whole LIfe

Looking For Life Insurance?

Looking for life insurance but not sure about Universal vs Whole Life?

If you have avoided the topic of life insurance, and has now realized you can no longer ignore it, you may be undecided between permanent or temporary life insurance. Then you must also have wrestled with the issue of Universal vs Whole Life when considering permanent life insurance. Both Universal Life Insurance as well as Whole Life Insurance are permanent forms of life insurance. Let’s see below how they are alike and how they are different.

Should You Go For Term Life Insurance?

For many people owning Term Life Insurance is an effective way to protect their families and others who depend on them, particularly for the short-term.

The great majority of these same people, however, also want the added protection and flexibility of permanent insurance but are unsure as to which type is right for their situation.

The type of permanent insurance which is best for your depends on your preferences and attitudes toward a range of factors such as risk preference, flexibility, guarantees and your retirement and legacy objectives.

Is Whole Life Insurance For You?imagesCA9T22D2

If you prefer a policy that that has both guaranteed death benefit protection as well as a guaranteed form of cash value growth, you should look into a Whole Life policy.  Whole Life Insurance has guaranteed level premiums and guaranteed cash value and also guaranteed death benefits.  Whole life policyholders are eligible to receive annual dividends, as declared by the insurance company.  Please, note that dividends are not guaranteed. However. If paid, they may increase the cash value and death benefits over time.  In general, it should be noted, a dividend-paying whole life policy will cost approximately twice as much as a universal life policy. Still, one you take into account dividends paid over time, which actually represent a no-risk return of capital, Whole Life Insurance could very well be a logical addition to your assets classes.

Or Universal Life?

If you prefer a policy with guaranteed death benefit protection over the potential for cash value growth, you should think about Universal Life Insurance with a guaranteed death benefit.  Universal life generally provides a guaranteed premium and can be designed to provide a guaranteed death benefit and typically does not focus on cash value accumulation.

Contact Us For A Free Customized Quote

For an a life insurance quote illustration (TERM, and/or WHOLE LIFE and/or UNIVERSAL LIFE), or if you have any questions, please call our Toll Free Number 888-950-TERM (8376).

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